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FINANCIAL NEWS
MAF to open Carrefour branch in Iraq
20 Feb 2006
(MENAFN) Majid Al-Futtaim (MAF) Retail, the UAE company with the license to operate the Carrefour SA franchise in the Middle East, said that it is looking to open its first store in Iraq, Reuters reported.
In the past three years, the company opened 14 hypermarkets, bringing its total to 37 in the Middle East. MAF is now turning to countries such as Iraq, Yemen, Oman, Egypt, Iran, Saudi Arabia, Libya and Lebanon to open new Carrefour stores in a bid to tap growing consumer appetite in the Middle East and North Africa.
MAF will open the store in Arbil, one of Iraq’s largest cities, probably toward the end of 2010.
MAF, owned by billionaire UAE businessman Majid Al-Futtaim, traditionally enters markets with Carrefour as anchor tenant of its malls and recently opened a local version, under a different brand name, of the hypermarket in Iran’s capital Tehran.
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